China's top regulators ban crypto trading, sending bitcoin tumbling

10 agencies join hands for crackdown; Bitcoin, other coins slump

China’s most powerful regulators on Friday intensified the country’s crackdown on cryptocurrency with a blanket ban on all crypto transactions and mining, hitting bitcoin and other major coins and pressuring crypto and blockchain-related stocks.
 
Bitcoin, the largest digital coin, fell as much as 8.9 per cent, while Ether lost near 13 per cent.
 
Ten agencies, including the central bank, as well as banking, securities and foreign exchange regulators, vowed to work together to root out “illegal” cryptocurrency activity; it is the first time these agencies have joined forces to explicitly ban all cryptocurrency-related activity.
 
China in May